I think the market may be turning. Well, there are a few straws in the wind. Scrap prices are falling suggesting use of older tonnage is rising (the fixtures seem to concur), rates in some sectors are firming, the smart money is selling relatively new ships apparently to buy in the newest overbuilds at rock-bottom prices, OSG may survive, some tanker gunslingers may not. Even though the banks are not lending and bankruptcies are increasing, there is no reason a purge of the system cannot occur as it is re-integrating. JIT inventory is not dead, slow steaming to save money demands more tonnage afloat for capacity, money is loosening a little, green is seen as economical. However, let me be perfectly clear. It is not the despair that gets you in this business. It is the hope.

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